…crisis all boils down to an equation: "UGBs + NIMBYism = undersupply = high prices and hence growth in CV?"…
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Replying to @DarwinBondGraha @mdweinberg
I don't think equations or subsuming everything into economic logic explains what's happened. Causes are complex & political.
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Replying to @DarwinBondGraha
Not subsuming only to economics, NIMBYism, UGBs, etc. are political but constraint on supply = high prices is basic fact
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Replying to @mdweinberg @DarwinBondGraha
Do you actually disagree that supply restrictions + higher demand =higher prices? Or are you just being contrarian?
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Replying to @mdweinberg
I agree that supply isn't matching demand. But I don't agree that the major cause of supply constraint is "NIMBYism".
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Replying to @DarwinBondGraha @mdweinberg
also helps to not just read one vox explainer http://www.japantimes.co.jp/news/2016/01/25/business/economy-business/boj-fueled-tokyo-property-boom-pricing-average-earners-housing-market/#.V6jXr1RHanM …
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Replying to @tigerbeat @DarwinBondGraha
Yes, which all of us have done, thanks; the piece you link to emphasizes importance of mkt forces, tho
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Replying to @mdweinberg @DarwinBondGraha
market forces which provide housing for the rich, but not for middle and low income
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Replying to @tigerbeat @DarwinBondGraha
That's not true, mkt interventions (e.g., inclusionary, impact fees, CEQA, etc.) make only luxury pencil
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Replying to @mdweinberg @DarwinBondGraha
even real estate analysts think too much luxury built (bc developers want more profit) http://www.wsj.com/articles/new-luxury-rental-projects-add-to-rent-squeeze-1432114203 …
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@LauraKusisto but who sells the developers the land at such a high price that only luxury pencils?
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